Last Updated: 07/14/2010
WASHINGTON, DC – July 14, 2010 – The American Bankers Association has endorsed Capital Confirmation’s online audit confirmation service, Confirmation.com, to help banks simplify their audit confirmation response process.
Confirmation.com allows banks to respond to audit confirmation requests faster and more efficiently. This service streamlines confirmation workflow, centralizes responses and archives responses electronically. Banks can staff appropriately for busy season using a future-dated feature that tells them how many confirmations are in the queue for a particular day. Plus, it helps support a bank’s green initiatives by moving paper and manual process into an electronic format.
Banks that respond to confirmation requests through Confirmation.com improve productivity and reduce costs while ensuring regulatory standards are met. For commercial credit rating inquiries, banks can use a similar service called CreditConfirm to automate these requests.
“We chose Confirmation.com to help our members save money and improve their workflow efficiency,” said Edward L. Yingling, ABA president and CEO. “And because Capital Confirmation is the leader in electronic confirmations, we are delighted to work with them to bring this green initiative to the marketplace.”
ABA, through its subsidiary Corporation for American Banking, endorsed Confirmation.com after a thorough evaluation process, ensuring the service met stringent quality standards, fulfilled an industry need, and provided cost-savings to banks. The association placed a special emphasis on their stringent security standards. Capital Confirmation undergoes SAS 70 Type II and SysTrust evaluations every six months, providing banks with added due diligence that their systems meet required security and privacy standards.
“We’re honored to receive this exclusive endorsement from the ABA, through its affiliate Corporation for American Banking,” said Chris Schellhorn, CEO of Capital Confirmation Inc. “ABA required an extensive due diligence review of Confirmation.com including its technology, security protocols, customer support, customer satisfaction ratings and more. To have the ABA recognize the importance of online audit confirmations for the banking industry is a validation of our leadership in this field.”